Proventus Agrocom Limited announced its audited standalone and consolidated financial results for the half year and year ended March 31, 2026, reporting a year of robust growth and margin expansion. The company posted a brand revenue of ₹659 Cr for FY26, reflecting a 58% YoY increase, while total revenue stood at ₹926 Cr, up 59% from ₹584 Cr in FY25. Consolidated PAT surged 93% YoY to ₹14.26 Cr, driven by a richer product mix and improved sourcing economics. The Board of Directors approved the results at its meeting held on May 15, 2026, with statutory auditors issuing an unmodified opinion on both standalone and consolidated financial statements.

FY26 Financial Performance at a Glance

FY26 marked the strongest year on record for Proventus Agrocom across key financial metrics. EBITDA rose to ₹19.84 Cr from ₹12.92 Cr in FY25, while gross margin expanded by 240 basis points to 22.1%. The company's five-year revenue CAGR from FY21 to FY26 stood at 54%. The balance sheet remained disciplined with a debt-equity ratio of 0.19:1 and a net worth of ₹144 Cr.

The following table summarises the key financial metrics across fiscal years:

Standalone Financial Results

On a standalone basis, Proventus Agrocom reported revenue from operations of ₹53,529.66 lakhs for the year ended March 31, 2026, compared to ₹38,000.18 lakhs in the previous year. Total income stood at ₹53,796.93 lakhs versus ₹38,420.24 lakhs. Profit before tax was ₹583.17 lakhs against ₹490.33 lakhs in the prior year. Net profit from continuing operations came in at ₹433.69 lakhs compared to ₹360.98 lakhs. Basic EPS for the full year was ₹12.58 and diluted EPS was ₹12.54.

The following table presents the standalone income statement highlights:

The standalone balance sheet as at March 31, 2026 reflected total assets of ₹14,173.94 lakhs versus ₹12,909.56 lakhs a year earlier. Shareholders' funds stood at ₹12,683.89 lakhs, comprising share capital of ₹345.34 lakhs and reserves and surplus of ₹12,338.55 lakhs. Current assets totalled ₹11,593.65 lakhs, supported by inventories of ₹2,572.40 lakhs, trade receivables of ₹2,857.13 lakhs, and cash and cash equivalents of ₹2,094.44 lakhs. During the half year ended March 31, 2026, 6,725 equity shares of ₹10 each were issued and allotted under the PAPL SIP 2022 scheme, raising paid-up capital to ₹345.34 lakhs.

Consolidated Financial Results

On a consolidated basis, which includes subsidiaries Prov Foods Private Limited, Proventus Retail Private Limited, Prov Nova Bio Technologies Private Limited, and Proventus Commodities DMCC, the group reported revenue from operations of ₹92,498.74 lakhs for the year ended March 31, 2026, compared to ₹58,155.96 lakhs in the prior year. Total income was ₹92,638.55 lakhs against ₹58,421.48 lakhs. Profit before tax rose to ₹1,785.43 lakhs from ₹938.63 lakhs. Net profit attributable to equity shareholders of the parent stood at ₹1,414.07 lakhs versus ₹735.86 lakhs. Consolidated basic EPS for the full year was ₹41.01 and diluted EPS was ₹40.90.

The following table presents the consolidated income statement highlights:

The consolidated balance sheet as at March 31, 2026 showed total assets of ₹19,812.09 lakhs versus ₹16,912.16 lakhs. Shareholders' funds (including non-controlling interests) stood at ₹14,456.71 lakhs. Long-term borrowings were ₹474.18 lakhs, down from ₹585.75 lakhs. Short-term borrowings were ₹2,230.34 lakhs. Capital work in progress stood at ₹1,016.96 lakhs, reflecting ongoing construction at the Surat facility.

Business Mix and Strategic Shift

A defining feature of FY26 was the continued shift in revenue composition toward higher-margin Wholesome Nutrition products. The Core Dry Fruits to Wholesome Nutrition revenue mix moved to 52:48 in FY26, compared to 59:41 in FY25. Wholesome Nutrition, comprising Makhana, seeds, bars, and premium dry fruits, now carries higher margins than Core Dry Fruits. The company launched 25+ new SKUs during the year, with Makhana emerging as a significant growth lever, growing at 25–30% CAGR.

Speaking on the results, MD & CEO DP Jhawar stated: "ProV has delivered on every commitment it has made. FY26 validates that our transition from a dry fruit company to a wholesome nutrition platform is working. Healthy snacking in India is becoming a daily habit, and ProV is positioned at the centre of this structural shift. Makhana, in particular, is emerging as a generational category opportunity, and with our Bihar facility now operational at the source of 90%+ of India's Makhana supply, ProV is scaling it aggressively. We are now revising our FY28 revenue target upward to ₹1,100 Crore."

Capacity Expansion and Manufacturing Infrastructure

Proventus Agrocom is scaling manufacturing capacity across three locations. The Mumbai facility, spanning 47,000 sq.ft. with a capacity of 1.5 lakh pouches per day, is fully operational. The Purnia, Bihar plant—focused on Makhana—provides backward integration at the source of 90%+ of India's supply and is expected to deliver 300+ basis points margin improvement post full commissioning. A 2,00,000 sq.ft. facility in Surat, Gujarat is under construction and targeted to be commissioned by H1 FY27, with a combined capacity target of 4 lakh+ pouches per day. The company's sales force has expanded to 350+ field personnel, covering 16,000+ General Trade touchpoints across all four channels—General Trade, Modern Trade, E-Commerce, and Quick Commerce.

Market Opportunity and FY28 Target

The company revised its FY28 revenue target upward to ₹1,100 Cr from ₹1,000 Cr. The total addressable market for dry fruits and wholesome nutrition is projected to grow from ₹75,000 Cr to ₹1,10,000 Cr by 2030, driven by a structural shift toward healthier snacking, rapid growth in Makhana at 25–30% CAGR, and GST rationalisation on dry fruits favouring organised players. Organised players are already growing 2.5x faster than unorganised. The FY28 roadmap is anchored on four pillars: expanding General Trade reach and deepening Quick Commerce presence targeting 10%+ of revenue; growing Wholesome Nutrition to 58%+ of revenue with Makhana as the primary vehicle; commissioning Surat and Bihar facilities to deliver 4 lakh+ pouches per day by FY27; and expanding the workforce, which currently stands at 850+ employees, with targeted leadership additions across sales, supply chain, and brand marketing.

Proventus Agrocom Limited's Board of Directors approved amendments to its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) at their Board meeting held on May 15, 2026. The amendment was made on the recommendation of the Audit Committee and was intimated to the National Stock Exchange of India Limited in compliance with Regulation 8(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The amended Code has also been hosted on the company's official website.

Code Version History

The amended Code represents the third version since its initial adoption. The following table outlines the revision history of the document:

The Code came into force from March 21, 2023, and each subsequent version has been updated to reflect regulatory changes issued by SEBI.

Scope of Unpublished Price Sensitive Information

The amended Code provides a comprehensive definition of Unpublished Price Sensitive Information (UPSI), covering information relating to the company or its securities that is not generally available and, upon becoming available, is likely to materially affect the price of the company's securities. The Code specifies that UPSI ordinarily includes, but is not restricted to, the following categories:

• Financial results
• Dividends
• Change in capital structure
• Mergers, de-mergers, acquisitions, delisting, disposals, expansion of business, and award or termination of orders/contracts not in the normal course of business
• Changes in key managerial personnel (other than due to superannuation or end of term), and resignation of a Statutory Auditor or Secretarial Auditor
• Change in rating(s), other than ESG rating(s)
• Fund raising proposed to be undertaken
• Agreements that may impact the management or control of the company
• Fraud or defaults by the company, its promoter, director, key managerial personnel, or subsidiary, or arrest of key managerial personnel, promoter or director
• Resolution plan/restructuring or one-time settlement in relation to loans/borrowings from banks/financial institutions
• Admission of winding-up petition or insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016
• Initiation of forensic audit and receipt of final forensic audit report
• Actions or orders passed by any regulatory, statutory, enforcement authority or judicial body against the company or its directors, key managerial personnel, promoter or subsidiary
• Outcome of any litigation(s) or dispute(s) which may have an impact on the company
• Giving of guarantees or indemnity or becoming a surety for any third party, not in the normal course of business
• Granting, withdrawal, surrender, cancellation or suspension of key licenses or regulatory approvals

Principles of Fair Disclosure and Oversight

The Code outlines key principles that the company shall follow to ensure fair and equitable disclosure of UPSI. These include prompt public disclosure of UPSI as soon as credible and concrete information comes into being, uniform and universal dissemination to avoid selective disclosure, and appropriate responses to queries on news reports and market rumours from regulatory authorities.

The Code mandates the designation of a senior officer as the Chief Investor Relations Officer (CIRO) to oversee the dissemination and disclosure of UPSI. The CIRO is responsible for ensuring timely, adequate, and universal disclosure to stock exchanges, analysts, shareholders, and media, as well as educating employees on disclosure policies and procedures. In cases of accidental disclosure of UPSI without prior approval, the responsible person is required to immediately inform the CIRO, who will then promptly disseminate the information to make it generally available.

Disclosure to Analysts and Institutional Investors

The Code specifies that only public information may be shared with analysts, research personnel, and institutional investors. No person, except those authorized by the CIRO, is permitted to disclose information relating to the company's securities to such parties. To prevent misquoting or misrepresentation, the Code recommends that at least two company representatives be present at meetings with analysts or institutional investors, and that discussions be preferably recorded. Transcripts or records of proceedings from analyst meets and investor relations conferences are to be posted on the company's official website.

Medium of Disclosure

The Code requires the company to ensure prompt disclosure to the stock exchanges where its securities are listed. Dissemination of information may be carried out through various media to achieve maximum reach, including the company's official website. The company is also required to promptly intimate any future amendments to this Code to the relevant stock exchanges, as mandated under the Insider Trading Regulations. The intimation for the current amendment was signed by Durga Prasad Jhawar, Managing Director and CEO of Proventus Agrocom Limited.